While women are making progress on their journey to greater financial confidence and independence, they continue to confront pay disparity in the workplace and headwinds as they strive to balance career with family.
Impact of career interruptions on women
A recent Bank of America study, Women, money, confidence—A lifelong relationship, reveals that more women than men leave the workforce to care for children or elderly parents—for longer periods of time—and one-third return to lower pay. While the majority of women don’t regret taking time out of the workforce, many find themselves grappling with the impact on their careers and finances.
Even among women, experiences differ. The study delves into the impact of career interruptions across demographics, with findings that suggest an individualized approach to support women in their ongoing efforts to achieve financial equality and well-being. The following results from the study help portray the disproportionate effect of job disruptions on women and encourage actions to help women anticipate and plan for them.
Study highlights
- Women are more likely than men to have to plan for career interruptions
- Long employment gaps put women at a financial and professional disadvantage
- After taking time away from their career, women may find it challenging to pick up where they left off
- Actions to consider